PHILADELPHIA, Oct. 1, 2020 /PRNewswire/ -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Nano-X Imaging Ltd. ("Nano-X" or the "Company") (NASDAQ: NNOX) on behalf of investors who purchased Nano-X's securities between August 21, 2020 and September 15, 2020, inclusive (the "Class Period").
Investors who purchased Nano-X's securities during the Class Period and suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at [email protected], to discuss this action and their legal rights and options. Additional information about this action may also be found at http://kaskelalaw.com/case/nano-x-imaging-ltd/.
As detailed in the complaint, on September 15, 2020, Citron Research ("Citron") published a report entitled "Nano-X Imaging (NNOX) A Complete Farce on the Market – Theranos 2.0" (the "Citron Report"). The Citron Report summarized Nano-X as "this $3 billion company is nothing more than a science project with a simple rendering, minimal R&D, fake customers, no FDA approval, and fraudulent claims that are beyond the realm of possibility." The Citron Report also alleged that the Company's claims about its customers with commercial agreements were false, that the Company has not published any data comparing images from its machines with other x-ray machines, and that Nano-X's statements that it was creating a novel solution to medical imaging were false.
Following this news, shares of Nano-X's securities fell $12.41 per share over two trading days, or over 25% in value, to close at $36.80 per share on September 16, 2020, on unusually heavy trading volume.
The complaint alleges that during the Class Period the defendants made a series of false and misleading statements to investors and failed to disclose that: (1) Nano-X's commercial agreements and its customers were fabricated; (2) Nano-X's statements regarding its "novel" Nanox System were misleading as the Company never provided data comparing its images with images from competitors' machines; (3) Nano-X's submission to the U.S. Food and Drug Administration ("FDA") admitted the Nanox System was not original; and (4) as a result, defendants' public statements were materially false and/or misleading at all relevant times.
IMPORTANT DEADLINE: Investors who purchased Nano-X's securities during the Class Period may, no later than November 16, 2020, seek to be appointed as a lead plaintiff representative in the action. Nano-X investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC to discuss this opportunity to participate in the action.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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SOURCE Kaskela Law LLC